For each general fund transaction listed in items 1 through 12, select the appropriate recording for the
Question:
For each general fund transaction listed in items 1 through 12, select the appropriate recording for the transaction listed next to letters A through O. A letter may be selected once, more than once, or not at all.
Transcribed Image Text:
Recording of Transactions Transactions A. Credit Revenues B. Debit Expenditures C. Debit Encumbrances D. Debit Inventories 1. An interfund transfer out was made to the capital projects fund. 2. Approved purchase orders were issued for supplies. 3. The above-mentioned supplies were received and the related invoices were approved. 4. Salaries and wages were incurred. 5. Cash was transferred to establish an internal service fund. E. Debit Interfund Services Provided and Used F. Credit Budgetary Fund Balance Unassigned G. Debit Appropriations Control H. Credit Property Taxes ReceivableCurrent 1. Credit Appropriations Control J. Credit Residual Equity Transfer Out K. Debit Interfund Transfer Out 6. The property tax levy was passed by the city council and tax bills were sent to property owners. 7. Property taxes for the current year were collected. L. Credit Interfund Transfer Out M. Debit Estimated Revenues Control N. Debit Budgetary Fund Balance-Unassigned O. Debit Computer Equipment 8. Appropriations were recorded on adoption of the budget. 9. Estimated revenues were recorded on adoption of the budget. 10. There was an excess of estimated inflows over estimated outflows. 11. Invoices for computer equipment were received. 12. Received billing from water and sewer fund (enterprise fund) for using city water and sewer.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
1 K 2 C 3 B 4 B 5 K 6 ...View the full answer
Answered By
Evans Cherono
I am an Information Technology Graduate and willing to work on any computer science or IT work to ensure I do my best all the time.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Advanced Financial Accounting
ISBN: 978-0078110924
9th edition
Authors: Richard Baker, Theodore Christensen, David Cottrell
Question Posted:
Students also viewed these Accounting questions
-
For each general fund transaction in items 1 through 12, select its appropriate recording next to letters A through O. A letter may be selected once, more than once, or not at all. Transactions 1....
-
Mattvilles general fund had several interfund activities during the fiscal year ended June 30, 20X9 (see the left-hand column of the following table). The right-hand column lists the types of...
-
The State of Nevada levies a tax on motor fuel purchased in the state. The state distributes the portion of the tax collected in each county to that county the month after the taxes are collected....
-
You are the CEO of Green Paper Inc., a producer of high-end printing paper with an emphasis on environmentally friendly "green" production methods. One of your employees has proposed a significant...
-
When B3-carotene is oxidized in vivo, it breaks in half and forms two molecules of retinal (vitamin A), which is a precursor to the pigment in the retina responsible for vision (Impact I14,J). The...
-
Calculate the missing values List price ($) 99.00 Discount rate (%) Discount amount ($) Net price ($) 30, 16
-
Assume that interest rate parity exists. One year ago, the spot rate of the euro was $1.40 and the spot rate of the Japanese yen was $.01. At that time, the 1-year interest rate of the euro and...
-
Curtis Hamilton started a new business and completed these transactions during December. Dec. 1 Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in the...
-
Find a formula for each of the following transformations. a) 5 4 3 2 t -5 -4 -3 -2 -1 -1 -2 -3 -4- -5 y= b) -5-4-3-2-1 5 4 3 2 4 1 -2 23 -3 -4 -S b
-
The Department of Natural Resources is responsible for maintaining the states parks and forest lands, stocking the lakes and rivers with fish, and generally overseeing the protection of the...
-
This case focuses on the general fund of a governmental unit. Required Using the Comprehensive Annual Financial Report (CAFR) for a governmental entity chosen by your instructor, answer the following...
-
Which governmental funds use operating budgets? Which use capital budgets?
-
The differential equation that describes the current i0 (t) in a network is di, (t) di,t) + 6 +8i, (t) = 0 dt? dt
-
Problem 2. Find the pointwise limit of the following sequences, and determine whether the convergence is uniform or not on the given sets. (a) fn(x) = sin(nx) on [0, ], n (b) fn(x) = sin(nx) nx on...
-
Pretend you are an attorney giving a friend advice on fractional ownership of an aircraft. After analyzing the following post regarding why fractional ownership is a good choice, what additional...
-
A vibrating system consists of a mass of 30 kg, a spring of stiffness 20 kN/m and a damper of dampingfactor 0.25. Calculate: (a) the critical damping coefficient (b) the natural frequency of damped...
-
Someone is speaking about the gun reform issue, but in each case, there is an unstated assumption. An assumption is a statement that is taken for granted. From the choices that follow each item,...
-
(Isolate working capital) 1. A potential contract with a government agency is expected to generate the following revenue per annum for the next 6 years. "After-tax operating cash flows" for each year...
-
Do Programming Project 15 except use a class named Player to store a players name and score. Use a single array of type Player. Be sure to include a constructor with this class that sets the name and...
-
The slopes of the tangents at the points where the curve y = x2 - 4x intersects the X-axis is 1) 1 2) +2 3) +3 4) +4
-
When multilevel affiliations exist, explain why it is generally best to prepare consolidated financial statements by completing the elimination entries for companies furthest from parent company...
-
Snow Corporation issued common stock with a par value of $100,000 and preferred stock with a par value of $80,000 on January 1, 20X5, when the company was created. Klammer Corporation acquired a...
-
Companies sometimes employ accounting practices that are not necessarily in accordance with accounting theory or even current standards. In some cases, companies may be following industry practices...
-
Match the following CSBs Question 4 options: report the amount shown on the T5 slips. until you cash it in. but you must still report this income until the bond matures or you cash it in. 1. Interest...
-
During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to...
-
Net Present Value A project has estimated annual net cash flows of $10,000 for ten years and is estimated to cost $42,500. Assume a minimum acceptable rate of return of 20%. Use the Present Value of...
Study smarter with the SolutionInn App